So stocks dropped a little in October. Ok they actually dropped a lot and all of a sudden the S&P 500 was miles away from the all those optimistic 3,000+ year end targets. And what happens when stocks drop hard? Bulls cry for the Fed to come to the rescue.

It was quite the scene.

Here’s the global market cap wiped off in just October:

$8 TRILLION. Poof. Gone. The largest drop since 2008.

So it is no wonder the Fed begging has begun. From the president on down:

Jim Cramer: “My main fear is that we could have a mini version of 2008 if the Fed doesn’t change course,” the “Mad Money” host said. “Our one hope? If Fed chief Jerome Powell actually starts listening to the stock market and wakes up to the damage that tariffs can do to the economy, then maybe he’ll shift gears, just like Greenspan did in ’98. Then we can bottom and even roar higher. But as long as Powell stays committed to the December hike and three more next year, … and the president stays committed to expanding his tariffs, then history says we’ve got more downside no matter what.”

Canaccord’s Tony Dwyer:“Fed needs to take its foot off the throat of the market.”

Bill Stone Avalon Advisors’ co-chief investment officer: “The one thing to watch is the Fed, the market is looking at the possibility of a policy error there — that they’ll tighten too hard.”

Merrill Lynch’s head of market strategy Joe Quinlan:“The current market rally has legs, as long as a hawkish Fed doesn’t stop it”

“The market turmoil of the past month threatens to put the brakes on US economic growth, according to a closely watched measure of financial conditions. Conditions have tightened so sharply in recent weeks, investors are beginning to suggest that the Federal Reserve could limit the number of times it raises interest rates. The S&P 500 has tumbled over 8 per cent since the start of October — on course for its worst monthly performance since February 2009 — raising equity funding costs for companies and sending the Goldman Sachs’ financial conditions index to its highest level since April 2017. Measures of financial conditions typically factor in long-term bond yields, corporate borrowing rates, currency fluctuations and share prices, and assess how supportive or restrictive they are for the economy. Ian Lyngen, head of US rates strategy at BMO Capital Markets, said that investors were “getting nervous that the sell-off has tightened financial conditions enough that the Fed will struggle to achieve some of its policy goals, such as raising interest rates to their ideal target level.”

"We are going to see one more test before we escape back up into bullish territory — probably the middle of November and into December," he said Friday on CNBC's "Trading Nation."

He expected U.S.-China trade tensions, which whipsawed stocks on Friday, will be the overwhelming factor in the next leg down. President Donald Trump is expected to meet Chinese President Xi Jingping at the G20 Summit in Argentina next month, amid conflicting statements from the administration on whether progress had been made between the world's two largest economies.

"The most difficult headwind for this market to get over is China," Hogan said, making clear that his case is contingent on how long the trade war lasts — and whether it intensifies.

"The most important thing is to get some clear and concise constructive news on China," Hogan added.

Hogan had expected that a deal would be reached around the midterms. But with the key elections set for this Tuesday, Nov. 6, he acknowledges the probability is extremely low.

It looks that the Fed and the president are attacking the stock market at the same time using different weapons - one with rate hikes and one with tariffs. Thats why this market still has more downside to go unless one of them stops attacking.

Rather than keep talking all the time, stay with mouth shut and just do and talk or explain after. I would like this approach. But we know this one is impossible to stay silent for a while. After a few years many Americans will suffer from anxiety.